Research On The Transformation Of Commercial Banks' Wealth Management Business Under The New Asset Management Regulations

The "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"(referred to as "New Asset Management Regulations")was formally promulgated in April 2018,and China has entered the era of asset management 2.0 supervision.The new regulations on asset management clearly propose to break rigid payments and achieve net worth management.This is a regulatory requirement for the problems of "fund pool,rigid payment,maturity mismatch,and regulatory arbitrage" that are common in traditional banking wealth management business.Therefore,the transformation of the wealth management business of commercial banks is imminent,so that the bank's wealth management truly returns to the original principle of "trusted and managed by clients".In this paper,the research is carried out according to the overall framework of "development status-impact analysis-transformation suggestions".First of all,we sorted out the development status of the wealth management business of commercial banks and found their existing problems and risks.Commercial bank wealth management business currently has major problems such as a single product structure,weak management capabilities and reputational risk of implicit guarantees in business processes,which reveals that bank wealth management "fund pool business" and "rigid payment" increase while mitigating the risk of individual products The risk of bank stocks will eventually lead to systemic risk.Therefore,the transformation of the wealth management business of commercial banks is imminent.Next,we interpreted the new regulations on asset management prohibiting maturity mismatches,capital pools,and new regulatory requirements to break rigid payments and their impact on banking wealth management business.Through the descriptive statistical analysis of the data of commercial banks in 2018,it was found that the new rules of asset management played a very good role in risk prevention and control,better resolved bank risks,and reduced systemic risks.At the same time,we found that after the implementation of the new regulations,the number of net worth wealth management products continued to increase,but the yield of bank wealth management products continued to decline,the market acceptance of net worth products was low,and the attractiveness of bank wealth management products declined.Therefore,attracting market customers on the basis of complying with the new regulations and effectively reducing systemic risks is the key to the transformation of the bank 's wealth management business.Only in this way can commercial banks obtain stable sources of wealth management funds and enhance their ability to serve the real economy.Then,we establish a customer and government-oriented value network framework structure,build a value network model with market customers as the core,and deeply explore market demand.Cluster analysis to subdivide customers into different groups,and conduct a difference test to determine the detailed characteristics of each group to ensure that the bank's wealth management business can obtain a stable source of funds while controlling the risks,and realize the relative benefits of income and risk in the transformation of wealth management business balance.We further consider the robust standard errors of heteroscedasticity and construct Probit and Logit models to analyze the factors that influence customers' choice of bank wealth management products.In addition,we build an OLS model to analyze the influencing factors of the amount of wealth management products held by customers in order to ensure that they accurately grasp the influencing factors of customer demand after customer segmentation,and to match product risk with customer risk tolerance,thereby reducing bank reputation risk,satisfy customer's request.It means that the core foundation of the value network model has been developed,thereby promoting the overall value of the wealth management business of commercial banks.Finally,based on the value network model,transformation suggestions were proposed from three aspects: product itself,wealth management business management,and wealth management business process.One is the transformation of the product itself.Taking the creation of value for customers as the source,the wealth management business of commercial banks took a step-by-step implementation in the process of net worth transformation,combined with the five groups of customers in cluster analysis to launch targeted special products,in order to avoid focusing on the obvious customers after the transition period.Loss damages the image value of the product.The second is product management transformation.Combined with the differentiated analysis of customer market segmentation to establish asset management capabilities with investment research as the core to reduce maturity mismatches and strengthen duration management.The third is product process transformation.Should adhere to the customer-centric sales philosophy,to provide customers with a one-stop new comprehensive service.Train professional sales staff and design different marketing models for different groups.